Company Market Research Report
Company Overview
Name: Parachute
Mission of the Company
Parachute believes financial well-being should be accessible to all Canadians. Their mission is to consolidate high-interest rate debt into one lower-cost monthly payment, empowering customers to rebuild their wealth.
Founding Details
- Founded By: No information is available
- Founded On: No information is available
Key People in the Company
- Bruce Hodges: Co-Founder & CEO
- Mark Levitan: Co-Founder & COO
- Sandra Nowlan: Head of Customer Success
- Karen Radic: Head of Credit
- Sumit Garg: CTO
Headquarters
No information is available
Number of Employees
No information is available
Revenue of the Company
No information is available
What the Company is Known For
Parachute is known for its innovative approach to financial well-being, offering debt consolidation services that allow customers to save more than when they started. Their unique rewards program provides additional financial incentives.
Products
Available Products
1. Debt Consolidation Loan
- Description: Parachute provides loans to consolidate high-interest debt into a single, lower-interest repayment plan.
- Key Features:
- One lower monthly payment
- Average interest rate of 28.99%
- Potential savings of $9,880 - $16,779
- Earn up to $2,500 cashback
- No impact on credit score during application
2. MyParachute Loan Account
- Description: An online portal for managing Parachute loans.
- Key Features:
- Update personal information
- View loan terms and payment schedule
- Make payments or pay off the loan
- Request a payment holiday
- Apply for new loans
High-Level Description of the Product
Parachute's primary product is a debt consolidation loan designed to simplify and reduce the cost of debt payments. The program is accompanied by an online portal, MyParachute Loan Account, which facilitates loan management and progress tracking.
Key Features of Each Product
Debt Consolidation Loan:
- Consolidates multiple debts into one lower cost payment
- Fixed interest rate
- Cashback rewards for financial behavior milestones
- Financial progress assessment and improvement planning features
- Monthly micro-learning quizzes for financial betterment
MyParachute Loan Account:
- Self-service portal for loan management
- Securely update banking and personal details
- Real-time notifications and updates
- Flexible payment scheduling options
- Additional features like extra payment and payout management
Recent Developments
Recent Developments
- CBC News, BNN Bloomberg, GlobalNews, Intuit, FICO, and other Media Features:
Parachute has been highlighted in several prominent media outlets for its unique debt consolidation and financial well-being program.
New Products Launched
- No information is available
New Features Added to Existing Products
- No information is available
New Partnerships
- Intuit: Parachute was part of Intuit's 2023 Prosperity Accelerator program.
- FICO: Parachute became the first organization in Canada to provide FICO® Score 10 to customers for free.
Summary
Parachute aims to transform the financial well-being of Canadians through their debt consolidation loan product, which also rewards customers for good financial practices. With a focus on innovative financial solutions and a customer-first approach, Parachute is gaining attention for its impact on debt management and financial education.